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, steven engler, global head of a g-10 fx strategy at citi. thanks for joining us again. want to come to some of your u.s. dollar calls. you've been making the point that on the economic data in the u.s. dollar moves have been consistently moving hand in hand of late in the past they used to move in the opposition direction. so do you put this down to the qe-3 factor? >> in part, although it's been in place even when qe-3, or when quantitative easing hasn't been a major driver, a major force in the market. you have to realize that when you take a look at correlations over long periods of time, the dollar is kind of the currency of despair. you buy it when the economy is weak and you pretty much sell everything else. i think qe-3 is kind of making it easy for the euro and the europeans to look good right now because much of the world is terrified about the balance sheet expansion that they expect to occur and the flood of liquidity. so i think that there's a bias in the market. you know, to sell dollars broadly. in that circumstance, you look at reserve managers, you look at investors,
in ath thens this week, her fist advirst vis greece since the eurozone cry city started. >>> very good morning to you state side especially as we start the new trading week here. columbus day holiday. government closed in the states. the dow trading some 39 points below fair value. not a bad week, up 1.25%. a little more for the dow last week. nasdaq last week was up 0.6%. currently it's indicate $11 1/2 points below fair value. and s&p 500 is some 4.8 below value. so indicated for a negative start this morning. pretty good gains for european stocks. better than u.s. stocks last week. but the ftse global 300 this morning down. two-thirds. xetra dax today down 1.2%. ibex down a percent. spanish yields still contained. 5.68% is where we stand right now in spanish yields. so continue to fall further below the 6% mark. italian yields just over the 5% mark, as well. and currency markets, euro-dollar a little bet of weakness, back below 1.30, levels we were trading before the employment report last friday. aussie dollar down to below 1.02. what about in asia? >> asian markets kicked off in t
officers are on duty and they've blocked off the city to the protesters because at any cost they do want to avoid violence flaring up. on it so it's now a red zone. so police is on heavy guard because they'll have water cannons available, snipers are positioned around where the german delegation is staying. why is she coming now, why didn't she visit the two previous governments? because she knows hostility towards her is extremely high. remember for the better part of the last three or four year, she was seen as a scapegoat for the tough austerity measures that have been implemented here and that has led to the deep, deep recession in this country. well, she wants to send a message of support and solidarity about the reform efforts that have already been taken. but privately she'll be pressuring to say you have to continue with the reform efforts and we're not coming with any gifts. we'll make no further concessions. that will be her tough message as she comes here today. back over to you. >> what's interesting is that maybe the timing of this visit there seems to be imf saying we need
around this is head of developed markets rate strategy at citi. thanks for coming along. so what are you expecting from the ecb, when will they move next? >> i think today will be a monday event. the market is not pricing any in move. if there's going to be a change in policy, it will happen probably towards the end of the year and then most likely forecast also another change in the first quarter much next year. so it's all about expectations for the future. >> how do you trade around those expectations? >> the way to trade around it is to carry. the ecb has carry rich. you have on libor a quite steep structure. and so what we expect our baseline scenario to profit from long positions there. >> let's put this into the context of what's going on. we have the central banks and developed markets, the bank of englands as well today, most people agree that we won't get anything from the bank of england until november, december. any thoughts there? >> i think with regards to the fmoc minutes, what we'll get is most likely some sort of sense for unhappiness with regards to the measures that ha
Search Results 0 to 3 of about 4